Ultra Rare South East Queensland Waterfront Hotel Sold By HTL Property

Calypso Bay. The transaction was exclusively managed by HTL Property agent Xavier Plunkett, and HTL Property Queensland Director Glenn Price.

Harrigan’s was on offer by Roche Group, the private developers of the entire and outstanding Calypso Bay master planned community. The transaction marks the first time this exceptional property has been sold since its construction.

The successful purchaser is Rick Adams, a private hotelier who owns and operates the Central Lane Hotel in Gladstone.

“With a terrific building structure and outlook the hotel will only require a cosmetic refresh which will include the food and beverage offer. Harrigan’s name will remain with the vendor so rebranding will form part of the refresh”, advised Adams.

“We aim for our refresh to embrace the beauty of Moreton Bay but also the surrounding farm lands”, Adams added.

“While service and quality will always be front and centre, our work has started sourcing fresh produce from local suppliers. We are looking forward to building on the reputation created by the Roche Group since 2008”, concluded Adams.

Harrigan’s Calypso Bay is an extremely rare coastal Freehold Going Concern Hotel in South East Queensland, featuring an absolute, and never to be built out, waterfront location. This purpose-built, large-format hospitality asset boasts multiple bars, a modern bistro, outdoor dining and function spaces, a gaming room with 11 very valuable South East Queensland gaming machine authorities; and three detached bottle shop licenses.

The expansive 5,165* square metre allotment features a 55-metre water frontage directly onto the sparkling Calypso Bay Marina, which provides access to The Broadwater and Moreton Bay, and enjoys 5-star boating facilities.

“As anticipated from an asset of this calibre, the campaign attracted hundreds of enquiries and over ten formal offers from a broad spectrum of local and interstate buyers, private hoteliers and institutional investors”, advised HTL Property’s, Xavier Plunkett.

“Strategically located, it is the only hotel servicing the burgeoning $2 billion Calypso Bay community, home to approximately 5,500 residents upon completion. The property is situated within the Ormeau to Oxenford growth corridor, the fastest-growing Statistical Area Level 3 (SA3) in Queensland; and projected to increase by 100,000 people over the next 15 years, according to the Queensland Government” Plunkett added.

“Currently managed internally by the interstate owners, Harrigan’s Calypso Bay presented significant potential for operational upside for a more localised or hands-on management approach” added HTL Property Director, Glenn Price.

“The sale of this unique waterfront hospitality asset follows a collection of other Sth East Qld sales we have recently included, and will shortly disclose to the market”, advised HTL Property Managing Director, Andrew Jolliffe.

“This included our sale last week of Cabarita’s stunning Beach Hotel, and underscores the as yet unsatisfied demand for A grade coastal hotel assets nationally”, Jolliffe concluded.

Conveniently located just 50* minutes from both Brisbane Airport and Coolangatta Airport, and only 20 minutes from the Gold Coast, Harrigan’s Calypso Bay is situated in close proximity to some of Australia’s most popular beachside and tourism destinations.

Buyers for the assets were not only attracted to the physical attributes of such a tightly held prime waterfront location, but also the wider macro-economic investment environment including the high economic growth forecast for South East Queensland driven by strong net interstate migration, population growth, mining-related GDP growth, increased tourism, and significant infrastructure spending in the lead-up to the 2032 Olympics.

HTL Property is eagerly looking forward to formally announcing an additional $100 million worth South East Queensland Hotel sales before the end of the year.

End.

*Approx.